Xiaomi Posted Moderately Upbeat Earnings, Vowed to Double Down on Research & Development Outlays

Chinese hi-tech manufacturer Xiaomi (OTCPK:XIACF) just released Q3 2023 results : Q3 GAAP earnings per share were 0.19 yuan. Revenue was RMB 70.89 billion (representing an annual increase of just 0.6%). Shares of XIACF rose 3.8%, while the underlying Hong Kong’s shares of Xiaomi, 1810.HK, advanced by 1.51% during the earlier today’s regional trades.

In September 2023, MIUI global MAU (monthly active users) reached 623.1 million, demonstrating a YoY increase of 10.5%. As of September 30, 2023, the number of IoT devices (excluding smartphones, tablets and laptops) connected to our AIoT platform increased to 698.9 million units, representing a YoY increase of 25.2%.

Xiaomi Corporation is a leading manufacturer of communications equipment and components that which is well positioned for long-term success due to its well-known brand, combining the highest quality standards at a reasonable price. The company's products include mobile phones, smartphone software, set-top boxes and related accessories, and are highly regarded around the world.